Cost of moving house increases by a quarter over last ten years

The cost to move house in Britain has risen by nearly a quarter over the last decade, according to new figures.

Research from Lloyds Bank shows that Brits now spend an average of £8,248 on moving from property to property as factors like stamp duty and rising house prices weigh heavily on their bank accounts.

Cited by independent.co.uk, a breakdown of the average cost to move homes shows stamp duty and estate agency fees representing the two biggest expenses in this transfer, coming in at £2,001 and £3,601 respectively.

Stamp duty does however account for the biggest cost when moving around areas where a high level of inflation is observed. In London, for example, the average cost to move house is now £20,825, with £10,850 of this taken up by stamp duty and just £6,510 set aside for estate agency fees.

Marc Page, mortgages director at Lloyds Bank, told thecourier.co.uk that relocating in Britain is expensive and trends suggest this will stay the case for some time yet. Though due to a noticeable rise in earnings over the last decade, Mr Page said the relative cost of moving property is actually lower than in 2003.

Lloyds adds that the most affordable location to move house is Northern Ireland, which is one of very few places that has seen a decline in the cost to relocate. The average figure has dropped 15 per cent to hit £4,253 – nearly half the British average.

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